MUMBAI: Bengaluru-based logistics firm Shadowfax Technologies Ltd has filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) through the confidential route, signalling its plans to go public. The move comes roughly three months after the company transitioned into a public entity.
Shadowfax is aiming to raise between Rs 2,000 crore and Rs 2,500 crore through the initial public offering, which will comprise a fresh issue of shares and an offer for sale (OFS) by existing investors. Key backers including Flipkart, Eight Roads Ventures, and NGP Capital are expected to dilute part of their holdings through the OFS component.
ICICI Securities, JM Financial, and Morgan Stanley are acting as lead advisors to the issue. The company is targeting a post-listing valuation in the range of Rs 5,500–6,000 crore, according to individuals familiar with the development. As per TheKredible, Shadowfax was last valued at approximately Rs 5,981 crore ($712 million) during the first tranche of its Series F funding round earlier this year.
Founded in 2015 by Abhishek Bansal, Vaibhav Khandelwal, Praharsh Chandra, and Gaurav Jaithliya, Shadowfax operates in the last-mile logistics segment, serving e-commerce and hyperlocal categories such as grocery, food, and pharmaceuticals. The company claims a network of over 1.25 lakh monthly active delivery partners across India.
To date, Shadowfax has raised around $246 million in equity funding. Eight Roads Ventures remains the largest external investor, followed by Flipkart, NewQuest Asia, and Nokia Growth Partners.
Financially, the company reported revenues of Rs 1,885 crore in FY24, marking a 33.2 per cent year-on-year growth. It also significantly narrowed losses—from Rs 142 crore in FY23 to Rs 11.8 crore in FY24, representing a 91 per cent reduction.
Shadowfax now joins a growing list of Indian startups eyeing public listings. Recent confidential DRHP filers include PhysicsWallah, boAt, Urban Company, Shiprocket, Groww, Pine Labs, Capillary Technologies, Wakefit, and Curefoods, underlining a renewed momentum in India’s startup IPO pipeline.
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